Venture Capital: Virtual Events Startup Hopin Nabs $7.75B Valuation In A Mere Two Years
Hopin announced today its Series D round of $450 million.
Two-year old virtual events startup Hopin has raised $450M in Series D funding co-led by new investors Arena Holdings and Altimeter Capital with participation from new investors Adams Street Partners, Untitled Investments and XN in addition to existing investors Andreessen Horowitz, DFJ Growth, General Catalyst, GIC, IVP, Northzone, Salesforce Ventures, Slack Fund, Temasek and Tiger Global. (CNBC)
Johnny Boufarhat, an Australian-born entrepreneur, founded Hopin in London in June 2019 out of his house after he fell ill with an auto-immune disease. The startup received a huge tailwind from the pandemic, which forced people and organizations across the world to transform their events from physical to a virtual mode – practically overnight. To meet the demand, the virtual platform scaled from just eight employees in March 2020 to a current headcount of 800, all working remotely.
Hopin’s platform, which presently has over 100,000 customers, can host online events with upto 100,000 guests. It views itself as a technology company at the forefront of redefining connection around the world.
According to CNBC, the startup now has annual recurring revenue, or ARR, of about $100 million, up from $70 million in March, and $20 million in November.
Use of funds
The firm will use the latest funding to scale up its platform, create new product suites and to develop multi-product platform technologies.
It may continue its streak of acquisitions. It acquired StreamYard in 2020, and in 2021 snapped up video hosting provider Streamable and video technology company jamm. Also in 2021 – Boomset and Attendify.
“Hopin started with the goal of giving people more options for meaningful connection,” said Boufarhat in a statement. “We continue to uplevel with the priority to become accessible to all, and offer the optimal solution to seamlessly connect people to experiences for live events and beyond. Hopin plans to be wherever important conversations and connections happen.”
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